Casino mogul steps down as CEO

Casino mogul steps down as CEO

Casino mogul steps down as CEO

"Therefore, effective immediately, I have made a decision to step down as CEO and Chairman of the Board of Wynn Resorts, a company I founded and that I love", he said.

"The Wynn Resorts [Limited] team and I have built houses of brick", read a Tuesday statement from Wynn.

In his announcement Wynn said: "In the last couple of weeks, I have found myself the focus of an avalanche of negative publicity".

Wynn's resignation may not be enough to satisfy regulators in Macau, since the gaming law's suitability clause applies to major shareholders as well as executives and directors, according to Wang Changbin, director of the Gaming Teaching & Research Center at Macao Polytechnic Institute. Regulators in Nevada and MA are also probing the allegations against Wynn.

"They're in a tough spot, because [Wynn's] name is on the door", said Charles Elson, who studies corporate governance at the University of Delaware. With Matt, Wynn Resorts is in good hands. Wynn has denied any wrongdoing, calling the allegations "preposterous".

More legal action could be coming.

Crosby said whether or not they knew about the settlement is a "critical point" for the commission to know "as soon as possible".

Then there are the pending state investigations into the company.

On Wednesday's "The Alan Stock Show", KXNT's Alan Stock spoke with Charlotte Arrowsmith, one of 11 plaintiffs in a harassment case against her former employer from her time working as a waitress at the Mirage during the 1990s.

Wynn's two Macau casinos include the older Wynn Macau near the former Portuguese colony's historic old town, and the Wynn Palace, which in 2016 became the latest opulent resort to open in the new district of Cotai, joining lavish developments by rivals including Las Vegas Sands. The regulator said in the statement it would "strictly enforce the relevant stipulation" and will continue its review.

On top of all that, the Wynn Resorts board of directors has to complete its own investigation into Wynn's behavior. He didn't provide further response to other allegations of sexual misconduct that the Journal inquired about before publishing the January article. It's headed by Patricia Mulroy, the company's only female director.

Wynn was also the finance chairman of the Republican National Committee and a big GOP donor.

"It will definitely affect the severance negotiation and the exit package", Atkins said. Wynn declined to comment on the report Monday, but by Tuesday the drumbeat was too much for him.

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